Wells Fargo Chairman Stephen Sanger said in a statement that the compensation actions are part of the board's efforts "to promote accountability and ensure Wells Fargo puts customer interests first."

"I fully support the Board's actions and believe they are critical to Wells Fargo's commitment to our customers," Sloan said.

Besides Sloan, the pay hit impacts the seven other Wells Fargo executives who were members of the bank's operating committee before that board was shaken up in November following the scandal.

That includes the following execs: John Shrewsberry, the bank's chief financial officer; David Carroll, head of wealth and investment management; Avid Modjtabai, head of payments; Hope Hardison, chief administrative officer; David Julian, chief auditor; Michael Loughlin, chief risk officer; and James Strother, general counsel.

Last month, Wells Fargo fired four senior employees who either work or used to work in the community banking division at the heart of the scandal.

CFRA Research analyst Cathy Siefert wrote in a report that Wells Fargo's new punitive actions are "necessary."

However, she stressed that the bank needs to do more to explain changes to its "culture to prevent another mishap in the future."

Wells Fargo's board said its independent investigation into the scandal is "ongoing" and is expected to be completed before the bank's annual shareholder meeting next month. The findings and potential additional actions are set to be made public at that time.

Wells Fargo's settlement with regulators last September quickly turned into one of the biggest banking scandals in recent years. Not only did Wells Fargo say it fired 5,300 workers over several years for improper sales conduct, but employees told CNNMoney they were fired after blowing the whistle on illegal activity.